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September 19, 2019 12:53pm by David Farrar

Going down down down

source: tradingeconomics.com

This graph shows annual GDP growth for the last five years. Has dropped from 4% to just over 2%.

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Comment96

New Zealand
economic growth

Comments (96)

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Maxx

To be fair, it’s only really dropped under the current Government.
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September 19, 2019 12:56pm
- Monty
  
  over the coming year several big budget roading infrastructure projects will close out. these are multi-billion dollar projects. when they come to a screaming halt, together with the smashing of the Oil and Gas industry, and also the smashing of farmers and the lowest business confidence, i see NZ heading into a recession sooner that later.
  
  and those who suffer most will be the clowns who voted for the CoL
  
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  September 19, 2019 1:59pm
- Fentex
  
  Maxx; To be fair, it’s only really dropped under the current Government.
  
  That clearly isn’t true – it shows a clear downward trend since mid 2016 (half way through the last governments last term) with a brief swing upwards a year into the current governments term.
  
  But as that chart is misleadingly labelled you can’t be sure what you’re seeing – are the year markers at the start, middle or end of year?
  
  Where do you think that chart ends? It looks like about Oct/Nov 2018 but the data shown is actually for July 2019 if you go to the source.
  
  Why not look at the broader picture? That link is to the source of the charts data, but expanded out to the maximum amount of data the tool will show. I prefer the column view.
  
  You can get it overlaid with a comparison to other countries. Here’s it compared to Australia.
  
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  September 19, 2019 3:26pm
  - theoldbloke
    
    Of course any half decent economist will tell you that the only good use of GDP figures are a within country indicator.
    ie comparing our GDP to any other Country will tell you nothing about their relative performance in real terms.
    
    Trying to compare us to Australia with economic indicators like GDP unemployment etc is only good for beer drinking quizzes. ie who has the biggest number of people on welfare and therefore not in unemployment statistics
    
    https://tradingeconomics.com/new-zealand/gdp-growth-annual
    
    remember new Govt came in Nov? 2017
    See what fun games we can have.
    
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    September 19, 2019 5:26pm
    - theoldbloke
      
      While we are talking GDP.
      The NZ GDP is down but guess what about GDP generated by government services.
      
      Ie How much the Gummint spends.
      
      https://tradingeconomics.com/new-zealand/gdp-from-public-administration
      
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      September 19, 2019 5:33pm
  - Farmer boy
    
    No, the decline was steeper after the self appointed Deputy PM, W Peters, talked the economy down in October 2017 when he spoke of the recession that would presumably happen under his watch. He didn’t disappoint. I know: our sales are way down for next year.
    
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    September 19, 2019 7:40pm
  - PaulL
    
    Interesting. We’re way more volatile than Aus, and went into the last recession earlier. We then (under the National govt) did much better than Australia, but after the change of government we’re now doing worse.
    
    Of course not all that is Labour’s fault, but if it were going well they’d sure as hell be claiming the credit, so I’m gonna say that at least part of that is their fault.
    
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    September 19, 2019 10:44pm
  - Aunty
    
    What is quite clear from that graph is that the Labour Government has completly failed to arrest the decline in GDP since it was elected. In fact within a month or so if it being appointed to Government GDP has gone in only one direction, and that’s DOWN! Coincidence? I somehow doubt it.
    
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    September 19, 2019 11:00pm
- Sir Cullen's Sidekick
  
  Wait until the drunken dwarf defends this as a great economic miracle. He seems to have become a Labour hired gun now.
  
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  September 19, 2019 4:35pm
- KevO'Brien
  
  You can put a straight line to all 4 tops. The little blip above 4% in 2016 appears an aberration. The other 3 points fit perfectly. The worrying aspect is that such a line fits so well.
  That tells me there is a consistent force limiting our growth independent of our govt. It may be internal, a result of policy operations in force, or external. It could also be a consistent loss of confidence operating.
  There is not enough data to prognosticate on the lower boundaries.
  
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  September 19, 2019 7:20pm
Maggy Wassilieff

Global head winds…..
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September 19, 2019 12:57pm
- Tall Man
  
  Moronic arseholes at the helm doesn’t help much either.
  
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  September 19, 2019 12:59pm
  - Simon
    
    “Moronic arseholes at the helm doesn’t help much
    either.”
    
    “Mistakes” are being made.
    
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    September 19, 2019 1:35pm
    - stigie
      
      Again, we need to have a conversation !~
      
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      September 19, 2019 3:37pm
      - Farmer boy
        
        …yes a conversation on Monday morning about Jacinda’s departure in 2020…followed by Winston the cockroach.
        
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        September 19, 2019 7:42pm
    - wairarapapaul
      
      “I believe . . .”
      
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      September 19, 2019 4:43pm
    - Tall Man
      
      There’s been one really big “mistake” and it’s called ardern.
      
      It takes a special person to sell a whole country out for a few pre retirement baubles. There is no measure of the contempt I feel for both what’s in it for wynston” and the liar in chief.
      
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      September 19, 2019 6:21pm
  - Hard Cheese
    
    So, a lot of tail winds?
    
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    September 19, 2019 1:45pm
    - Ian Hawthorn
      
      A lot of wind anyway.
      
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      September 19, 2019 3:29pm
  - mstewart
    
    But we’re lucky…Winston has just stepped up to the helm !!!
    
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    September 19, 2019 2:02pm
    - Tall Man
      
      “Tui”….
      
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      September 19, 2019 6:19pm
    - tf78
      
      mstewart – I think that cunning plan was in the making from day one – watch JA will become Deputy PM be default.
      
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      September 19, 2019 6:38pm
- NewInoffensiveName
  
  Globalist headwinds.
  
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  September 19, 2019 1:00pm
- atomic drop
  
  Demographics is destiny.
  
  Boomer population is in the middle of massive retirement phase = massive deflationary headwinds. Consumer demand is stalling out.
  
  So what do our Globalist Overlords do?
  
  Central bank intervention: infinity QE, negative interest rates.
  
  Add to that People Quantitative Easing – flood Western countries with lots of Africans and Indians.
  
  Japan is Patient Zero – but note they are not so stupid as to flood their country with Third Worlders, because they are Yellow Supremacists.
  
  Japan takes in about 20 refugees a year, LOL.
  
  “a general preference for its homogeneous society means citizens have little motivation to push for change.”
  
  https://www.businessinsider.com.au/why-japan-accepts-so-few-refugees-2018-4?r=US&IR=T
  
  That’s right Globalist media says Japs have a “general preference for its homogeneous society”.
  
  If a white boy says he has a “general preference for a homogeneous society” he is a NAZI, and everyone loses their minds about a “rising tide of white supremacist hate.”.
  
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  September 19, 2019 1:11pm
  - Odakyu-sen
    
    “Japan is Patient Zero – but note they are not so stupid as to flood their country with Third Worlders, because they are Yellow Supremacists.”
    
    I guess that the Chinese and Koreans are also “Yellow Supremacists,” and the Indians are “Brown Supremacists.”
    While we’re on the subject, Mexico has very strict immigration policies, so they must be “Olive Supremacists.” In addition, many African countries are also clamping down on immigration, so they must be “Black Supremacists.”
    
    Gee. Anyone who doesn’t want the demographics of their nation to be permanentaly changed must be a “_________ Supremacist.”
    
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    September 19, 2019 1:41pm
  - tf78
    
    In the “olden days” we boomers actually used to find work no matter what it was – there was no dole available for able bodies. It’s called work ethic which is too old fashioned for the woke’s to contemplate. Had these ethics not changed we would have plenty of younger tax payers coming through instead of as many are now, a drain on society.
    
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    September 19, 2019 6:44pm
- chaos
  
  Labour tail winds
  
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  September 19, 2019 2:52pm
mjw

Hidden due to low comment rating. Click here to see.
So doesn’t that put us ahead of everyone in the Western World except the US? And the higher US growth is funded by a massive fiscal deficit.

So that looks pretty damn good on a comparative basis. Well done New Zealand.
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September 19, 2019 12:58pm
- Tall Man
  
  Share that little pearl with those who are experiencing great difficulties due to the stagnating economy. Tell them ardern is responsible for their pain while you’re at it.
  
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  September 19, 2019 1:18pm
- atomic drop
  
  How can you be happy about synthetically conjured “growth” using massive central bank intervention.
  
  A general question to you all – just when exactly is the LED light going to switch on in your skulls? -1%, -5%, -1000000000000000% interest rates?
  
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  September 19, 2019 1:19pm
- David Farrar
  
  No it doesn’t. Ireland is 6%, Poland 4.2%, Estonia 3.8%, Denmark 2.3%, Spain 2.3% etc
  
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  September 19, 2019 1:39pm
  - MCos
    
    Australia, which has had a conservative administration for some years now, is struggling.
    Both NZ with flagging diary prices and Oz with mining are effected by whatever happens in China.
    
    https://www.google.co.nz/amp/amp.abc.net.au/article/11475438
    
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    September 19, 2019 2:10pm
    - All_on_Red
      
      Meh, Malcolm Turnbull was not a conservative.
      
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      September 19, 2019 2:32pm
      - Jack5
        
        According to the CIA World Factbook, in GDP real growth rate (i.e. growth rate adjusted for inflation) New Zealand ranks 114th in the world.
        
        MJW writes of the site he “linked to”, but there doesn’t appear to be any link in his post.
        
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        September 19, 2019 3:03pm
    - All_on_Red
      
      Just announced
      ‘The (Australian) federal budget has returned to its best position in more than a decade on the back of soaring iron ore prices and a strong jobs market.’
      Treasurer Josh Frydenberg on Thursday revealed the 2018-19 budget showed a deficit of $690 million, which in accounting terms is a balanced budget.
      Nominal GDP grew by 5.3 per cent in 2018-19, which was significantly stronger than the 2018-19 budget forecast of 3.75 per cent.
      “This was primarily the result of higher-than-assumed prices for key commodities, which more than offset the softer-than-expected real GDP growth,” the final budget outcome said.
      https://www.smh.com.au/politics/federal/federal-budget-balanced-for-the-first-time-since-the-gfc-20190919-p52sun.html
      
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      September 19, 2019 4:15pm
    - DigNap15
      
      Australia has the highest minium wage in the world!
      It pays checkout girls $25 an hour.
      Whereas girls in China that actually make useful stuff get $4.
      
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      September 19, 2019 5:46pm
    - tf78
      
      MCos – take Victoria and NSW out of the equation and Aus would be tops. Those states are holding the rest back because they’re Labour/Green idiots.
      
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      September 19, 2019 6:47pm
  - mjw
    
    Well, Spain is 2.1% on the site linked to … but I take the point. So …
    
    CORRECTION
    
    That put us ahead of ALMOST everyone in the Western World. Well done New Zealand!
    
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    September 19, 2019 2:42pm
Bobba Fret

Lucky that Jacinda doesn’t know what GDP is then.
Also wont be told about it anyway.
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September 19, 2019 1:00pm
- 453mm
  
  Well, not until it gets reported in the spinoff.
  
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  September 19, 2019 2:13pm
- Old.Mickey.Blue.Eyes
  
  Reporter ” Ms Adern, do you have any comment to make on GDP?”
  Adern “I have heard lots of lovely things about GDP”
  Reporter” Any, specific comments to make?”
  Adern”Well obvioulsy, I will be better able to make comment after I have visited. Unfortuantely, I dont have time on this trip, but I hear GDP is lovely this time of year”
  Reporter” In which country is GDP?”
  Adern “Here, in China”
  Reporter” I think we are in Japan”
  Adern”nah, dont think so”
  Adern Press Secretary “Thats it for questons, the Prime Minister has another appointment to make”
  Reporter: “Is it anywhere near GDP?”
  Adern” Look, there is still some work to do, but as I said, I would like to visit GDP one day”.
  Adern Press Secretary”Look, squirrel”
  Adern”how cute, Ive got a daughter, she likes squirrels”
  Reporter”you really are a
  Adonias socialismi eiusque compage dentata”
  
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  September 19, 2019 2:34pm
harvey wilson

Actually this is a good thing , GDP numbers going into negatives is usually the means an end to a labour reign of error
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September 19, 2019 1:02pm
- Brian Marshall
  
  I was hoping we could have one Labour led government that didn’t leave us in recession after they were voted out of office.
  
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  September 19, 2019 2:42pm
DigNap15

Ardern’s and Roberston’s bobbing head winds

Sadly its not down as much as I’d hoped.

But well done to our primary sector!
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September 19, 2019 1:05pm
- tf78
  
  And the exchange rate!
  
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  September 19, 2019 6:50pm
Odakyu-sen

Quick!
Open the immigration taps to cashed-up foreigners! That will do the trick!

Since no-one will publicly comment on the “desired” ethnic structure of New Zealand, the State is free to let it become whatever the immigration tsunami will make it into.

If you don’t know what kind of nation you want to be, then you must be willing to be formed into anything.
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September 19, 2019 1:05pm
Cobolt24

We ain’t seen nothing yet.

Wait until the infrastructure projects going on around the country comes to an end with no new projects in the pipeline.
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September 19, 2019 1:07pm
- Tall Man
  
  That is the main issue for me as well.
  
  No investment in sensible infrastructure for our future is a millstone that is hard to “un hang”.
  
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  September 19, 2019 1:21pm
  - sooty
    
    Twyford is aiming to raid NZTAs piggy bank that they had earmarked for the stupid light rail, so that looks like it’s never going to get of the ground!
    
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    September 19, 2019 1:40pm
  - DILLIGAF
    
    Public Transport in general, and Auckland in particular, are unmissable monuments to that TM 😉
    
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    September 19, 2019 1:49pm
- Warren Murray
  
  Agreed. Investing to cope with the next growth phase in the cycle is best done when the economy cools, but the planning for it needs to happens before then.
  
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  September 19, 2019 1:33pm
  - Tricati
    
    The planning was done, its just Cindy and the Greens wanted the money for trains & cycle-ways so the so the economically stimulating infrastructure projects got shit-canned.
    Anyone seen the ‘infamous’ Genter letter yet!!!
    
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    September 19, 2019 1:42pm
- Scott
  
  I agree with cobalt 24. The first hammer blow was the unilateral decision to end oil and gas exploration. Since then we have had no new coal mines in the West Coast and no new hydroelectric development. So our energy sector is stuffed.
  
  We have also had increased taxes on fuel and so petrol is way more expensive.
  
  We have also had way more regulations so the cost of business is greater.
  
  So essentially this government is doing all they can to drive our country into recession. They don’t do this purposely but their myopic environmental focus means that no new projects will happen. There are no new roads and millions of dollars are going into cycleways that no one uses and trains that only a few use.
  
  Also our minimum wage is too high and our immigration levels are too high. This is despite labour pledging at the last election to substantially lower immigration. They have not done so and in my opinion never intended to do so.
  
  Meanwhile in America they are experiencing an economic boom because they are doing the exact opposite of what we are doing. They have lowered taxes, cut regulations and allowed the energy sector to flourish.
  
  We are in a downturn and will be in the foreseeable future until we have the gumption to elect a new government. This coalition of business unfriendly troglodytes is driving us into recession. We need new management of the economy come the next election!
  
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  September 19, 2019 2:13pm
  - tf78
    
    Bravo Scott – well said.
    
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    September 19, 2019 6:53pm
  - nz_aj
    
    The high levels of immigration we’ve had have also been responsible for much of the GDP. Reducing immigration also hurts the economy.
    
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    September 20, 2019 11:46am
Captain Mainwaring

And the rate of decline is getting steeper.
Hang on to your hats.
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September 19, 2019 1:09pm
Poppa

If you take a line through the last 2 quarters the annualised number is way less than 2%

They can’t blame offshore headwinds as our exports are doing very well. This is purely internal.

I do admit it was higher this time than I expected but that graph is heading south at a very steep rate
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September 19, 2019 1:13pm
- otago-man
  
  yes , beef, lamb, wine, horticulture, dairy, fish, and tourism are all very good averages or better, logs have taken a hit, and we are struggling under boomish conditions, Lord help us if the World head winds hit us!!!
  
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  September 19, 2019 3:00pm
The Feed

It’s hard to buy more wellness when you’ve run out of money.
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September 19, 2019 1:17pm
- Nigel Kearney
  
  If you have been careful to define ‘wellbeing’ in such a way that it doesn’t relate to our real standard of living, you can declare ‘mission accomplished’ and trash the economy at the same time.
  
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  September 19, 2019 1:34pm
  - rockape
    
    If we are all equally poor then that must add to well being , at least the well being of the Current poor.
    
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    September 19, 2019 5:30pm
Inandout

It will come right after we hit rock bottom, the welfare state implodes as we run out of loans, and oil companies advise that we can save our skin by opening oil fields.
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September 19, 2019 1:18pm
Fab4

The Comrades will claim the rate was heading down when they took over and with world financial uncertainty at the moment, it’s got nothing to do with them. The way they pulling us out of oil and gas production, not helping businesses and their targeting of the farming sector, I believe this current GDP growth figure will look stunning in a years’ time!
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September 19, 2019 1:18pm
Hugh Pavletich

… and not too chirpy in Australia either …

Job ads plummet in Sydney, Melbourne as companies tighten their budgets … Shane Wright … Sydney Morning Herald

https://www.smh.com.au/business/the-economy/job-ads-plummet-in-sydney-melbourne-as-companies-tighten-their-budgets-20190918-p52slc.html

SEEK: Job ads tank in Sydney and Melbourne … Macrobusiness Au
… behind paywall …

https://www.macrobusiness.com.au/2019/09/seek-job-ads-tank-in-sydney-and-melbourne/

Via Domain:

Job advertisements in Sydney and Melbourne are falling at double digit rates, prompting concern unemployment may be increasing despite cuts in official interest rates and the Morrison government’s tax cuts for low and middle income earners.

Figures to be released today by SEEK show overall job ads have fallen by 8.6 per cent over the 12 months to the end of August. There had been signs of a slight improvement in July but that was swept away through the final month of winter.

Ads in the nation’s biggest job market, Sydney, have now fallen by 16.9 per cent over the past year while in Melbourne they have dropped by 11.9 per cent.

Every capital city bar Canberra and Perth now have job advertisements, an early indicator of the jobs markets, falling over the past year. … read more via hyperlinks above …
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September 19, 2019 1:29pm
- Inandout
  
  Hugh, Melbourne has multiple buildings being constructed with cranes everywhere. I am not certain of the labour market situation but the number of tramps/homeless sleeping on the main streets is astounding, especially at night. As an aside, the eating establishments are generally full.
  
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  September 19, 2019 2:59pm
  - Hugh Pavletich
    
    … AMERICA’S MASSIVE COMPETITIVE ADVANTAGE …
    
    Inandout … America’s greatest advantage is its massive competitiveness … something I hopefully illustrated with yesterday’s postings …
    
    [Mod – we’ve been down this road before Hugh. Please desist from repetitive postings and links back to things you said yesterday.]
    
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    September 19, 2019 7:54pm
    - Hugh Pavletich
      
      When the great American entrepreneur Malcom McLean created the modern container industry in the mid 1950’s, he dropped transportation costs to 2.66% of what they had been with break – bulk cargo handling.
      
      What had previously cost $100 dropped to $2.66 !!! …
      
      The Power of Outsiders – Video – NYTimes.com
      
      https://www.nytimes.com/video/business/100000004807604/the-power-of-outsiders.html
      
      The Now-Ubiquitous Shipping Container Was an Idea Before Its Time … Marc Levinson … Smithsonian com
      
      https://www.smithsonianmag.com/innovation/shipping-container-idea-before-time-180963730/
      
      That puts poorly governed bubble property markets, such as what we have in the Antipodes and Asia, at a massive disadvantage.
      
      Persistent grossly excessively high Median Multiple urban markets are simply not sustainable.
      
      We have a saying in the property development business ‘If you get the land pricing wrong, everything else is wrong’.
      
      We are now learning ( as always the hard way ) the consequences of the ‘ … everything else is wrong’ part of it.
      
      Economists ( the trained ‘market experts’ ) need to articulate these ‘consequences’ effectively.
      
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      September 19, 2019 7:56pm
    - Hugh Pavletich
      
      Mod … Noted … Thank you.
      
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      September 20, 2019 2:27am
- tf78
  
  Hugh – take a look at who’s running Melbourne and Sydney and you’ll have your answer to why they are doing so badly. LABOUR AND GREENS in charge in case you haven’t noticed.
  
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  September 19, 2019 7:00pm
  - Hugh Pavletich
    
    tf78 …
    
    Some more gloomy news from the New Zealand business sector … reported by Thomas Coughlan of Stuff …
    
    http://www.stuff.co.nz/national/politics/115930028/businesses-not-feeling-jacindamania-as-economy-continues-to-grow?cid=app-iPad
    
    The major theme within the 2019 section of my archival website Performance Urban Planning (to be updated October / November ) is the ‘flight to affordability’.
    
    Preference always trumps policy. Read carefully the Westpac Dwelling Preference Survey report …
    
    Survey finds Kiwis’ backyard dream still alive and well – Westpac Bank Survey … Scoop NZ
    
    http://business.scoop.co.nz/2019/05/28/survey-finds-kiwis-backyard-dream-still-alive-and-well/
    
    This is an enormous driver for both households and businesses.
    
    For businesses trading nationally / internationally, their costs of course will in large measure determine whether they survive or not.
    
    Going forward … as we see economic contraction on both sides of the Tasman … my view is that the ‘flight to affordability’ for businesses and households will accelerate significantly.
    
    Excessively high cost / high Median Multiple metros are now in extremely deep trouble.
    
    In this regard, Greater Christchurch is becoming increasingly competitive … with housing costs about half Auckland’s and prime commercial rents about a third.
    
    Already … Greater Christchurch is now recognised as the ‘food capital’ of New Zealand, with its enormously vibrant, competitive and diverse broad food / hospitality industry.
    
    Greater Christchurch will be turbocharged once the new Northern and Southern motorways come on stream early next year as well.
    
    With greatly increased competition, land costs can only go much lower.
    
    In contrast to Australia, we had a very successful implementation of high speed internet (fibre) in this country … which again will further encourage NZ households and businesses to locate in more affordable places with good local governance (think Selwyn and Waimakariri … which jointly issued more residential consents in July than Christchurch Council. Massive demographic shifts underway).
    
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    September 20, 2019 3:00am
Lee C

“Going down slow” Heh, thought you were citing some initial findings from LPHQ sleazegate report.
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September 19, 2019 1:36pm
Monty

from the stats website
Key facts
In the June 2019 quarter:

*New Zealand economy grew 0.5%, reaching $300 billion for the first time
*service industries grew 0.7%, driving economic growth
*goods-producing industries eased, falling 0.2%
*primary industries grew 0.7%
*household spending rose 0.5%
*investment spending dropped 1.0%
*exports of goods and services decreased 1.8%
*GDP per capita rose 0.2%
*real purchasing power of New Zealand’s income increased 0.8%.
*New Zealand economy grows 0.5%
*Economic activity, as measured by gross domestic product (GDP), was up 0.5% in the June 2019 quarter, following a 0.6% growth in the March 2019 quarter.
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September 19, 2019 1:55pm
cmm

What caused it is less important than who is there to handle it.

During the GFC Key might have been the visible face on the quarterdeck, but it was really the firm hand of Bill English on the tiller that steered the Good Ship NZ through the storm so that we came out relatively unscathed even with the double-whammy of the Chch earthquakes.

This time around we’ve got a bunch of clueless 19-year old polsci Comrades with their shiny new Che berets.

I don’t know if it is going to go well or not, but we’re going to be at the complete mercy of the elements.
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September 19, 2019 1:57pm
fylde

Per capita GDP is more important and this would be negative.
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September 19, 2019 1:58pm
fylde

We should hold Taxinda accountable for the negative impact she has had. Criticising her on some other stuff may be a distraction.
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September 19, 2019 1:59pm
NoCash

You mean the crown accounts have been dropping. Yes, they’re looking good.
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September 19, 2019 2:17pm
Adolf Fiinkensein

New Zealand is in deep trouble. The number of under-employed has gone up since 2009 from 80,000 to 110,000 with the majority of the increase in the last three years.

One can probably expect the private sector already in is recession.
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September 19, 2019 2:30pm
Bobba Fret

ANZ were expecting 0.4% for the quarter so being 0.5% they will spin it as a positive.
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September 19, 2019 2:46pm
averagethief

I’m afraid I’m becoming less trusting as time moves on. I wouldn’t put it past a socialist government to wreck the economy, blame capitalism for the wreckage and take steps to punish business and increase govt control. Today’s ideologues just don’t seem to care how they bring about their desired state of affairs. Dangerous.
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September 19, 2019 2:59pm
soundhill1

Labour tends to manage the debt to GDP ratio back to a safer level. People know.
https://tradingeconomics.com/new-zealand/government-debt-to-gdp

Not good going for high GDP hased on even higher debt.
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September 19, 2019 3:08pm
- UrbanNeocolonialist
  
  I am glad that they have remained fiscally responsible in not borrowing (so far), getting debt down is great. But the best way to get debt:GDP ratio down is to grow the GDP faster; by not over taxing, or introducing all sorts of productivity sapping and industry destroying policies.
  
  Also they have driven the NZD down 10-15% against the TWI and USD, making us all a shit-load poorer in international terms
  
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  September 19, 2019 5:31pm
  - soundhill1
    
    Here is how John Key kept it up: https://thestandard.org.nz/drunken-seaman-john-key-borrowed-40-billion-in-3-years/
    
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    September 19, 2019 7:26pm
    - All_on_Red
      
      Ffs
      How long do we have to point out to you idiots we had an earthquake to pay for. A recession to spend our way through.
      Just blandly putting up that number is totally disengenuous.
      #Liar
      
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      September 19, 2019 9:01pm
      - soundhill1
        
        All_on_Red
        If you look at the link I posted at 3:08 you will see the fast rate of government borrowing starting in 2008 when National came to power. It didn’t speed up after the quake and new building its rate was starting to level off.
        
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        September 19, 2019 10:25pm
      - All_on_Red
        
        Errr, Labour left us in recession when the Nats took over.
        That’s why I said ‘a recession to spend our way through’
        Check out the PREFU and then maybe stop telling lies about the situation then.
        
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        September 20, 2019 6:59am
    - UrbanNeocolonialist
      
      massive structural deficit (huge new spending promises) left by Cullen as a final fuck-you to NZ. 2008 Prefu projected deficits of a couple of billion a year for next 10 years: https://treasury.govt.nz/sites/default/files/2018-02/prefu08-004.gif
      
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      September 19, 2019 9:18pm
      - All_on_Red
        
        Thanks UN.
        Just saw this. Destroys Soundhills lies nicely.
        
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        September 20, 2019 7:00am
    - slightlyrighty
      
      Yes he did, and we need to thank him for doing so. Anyone with any nouse will tell you that when you spend on infrastructure, you do not pay for it in advance. You debt fund it.
      
      The debt was taken on at a time when the cost of that debt was at the lowest possible cost, and the purpose of that debt was to fund infrastructure which would be paid off over the lifetime of that infrastructure.
      
      This economic activity gave us one of the strongest economies during the GFC, and we still have one of the Lowest debt to GDP ratios in the world. We have the 11th best in the world. We are half that of Australia. We are at 25% of what the UK is at. We are at 15% of what the US is at.
      
      Believe me when I tell you that under John Key and Bill English, we had the best economic stewards we could have hoped for. Under this COL, we could be screwed.
      
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      September 20, 2019 6:52am
Cunningham

Must be those cyclone strength head winds the government keeps telling us about!
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September 19, 2019 3:11pm
- RW Capitalist
  
  They are their own ability, or lack there of.
  
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  September 19, 2019 4:16pm
pb

Got aways to fall yet.

https://tradingeconomics.com/venezuela/gdp-growth-annual

Cash ban underway in Australia. Negative interest rates will be next. Then New Zealand. The grand plan is to move money to the bankers and asset owning globalists. Get ready. Or not. Deer in the headlights is an option.
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September 19, 2019 3:33pm
- RW Capitalist
  
  Got aways to fall yet.
  So you are the optimist that fell from the 20th floor, all the way down people heard him saying…SO FAR, SO GOOD.
  
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  September 19, 2019 4:16pm
  - pb
    
    I have a solution. Vix pervenit.
    
    https://en.wikipedia.org/wiki/Vix_pervenit
    
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    September 19, 2019 6:18pm
RW Capitalist

I was sitting waiting for my work induction.
While waiting I read the 2m high sign on the wall.
It basically said:
The following list of companies will not be extended any more credit, as their accounts are more than 6 months over due.
The company is part of a large chain, the companies on the list were large companies themselves.
I have NEVER seen a sign like this before and I get about a lot.
I thought….so, it’s not just me waiting for payment.
How bad is it getting?
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September 19, 2019 3:46pm
- soundhill1
  
  RW Capitalist
  It’s just the normal reckoning time when the pawn broker wants their repayment.
  
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  September 19, 2019 4:45pm
herb1

I heard this result on Magic Talk news where it was referred to as New Zealand GDP has hit an all time high of $300 billion.
ignoring the fact the G stands for growth not total.
Every GDP figure shows the economy as bigger than previously . If it didn’t wed be one quarter from a recession.
clearly the spin merchants were busy with the media yesterday trying to gloss over the figures which showed the Government probably won’t have the income to match their spending promises .
Would have been better if the PR hacks were with Ardern , whispering into her air piece , such facts as what country you’re in.
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September 20, 2019 7:48am

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